WHY did 1MDB pay US$3.51 BILLION to ‘fake’ Aabar BVI?

Pua demands cops act on ‘fake’ Aabar BVI disclosure

The Wall Street Journal (WSJ) had also earlier alleged that Prime Minister Najib Abdul Razak received USD681 million from Aabar BVI via intermediaries, which he claims was a donation.

KUALA LUMPUR: The people have had enough of lies from Arul Kanda Kandasamy and 1MDB, warned Petaling Jaya Utara MP Tony Pua in the wake of an announcement issued to the London Stock Exchange on Monday by the International Petroleum Investment Corporation (IPIC) and its subsidiary Aabar. The two companies confirmed that they have nothing to do with Aabar BVI. “We demand that the police act immediately to investigate and arrest all parties involved in this massive scam, aptly termed ‘the Heist of the Century’ by the Sarawak Report,” fumed Pua who is also DAP National Publicity Secretary.

The House of Cards on 1MDB has started to collapse, added the MP. “1MDB made at least USD3.51 billion of payments to British Virgin Islands-registered ‘Aabar Investment PJS Limited’ which was completely unrelated to IPIC.’

Hence, said Pua, it’s crystal clear that there are parties in 1MDB who have acted in cahoots with IPIC’s former top officials to scam Malaysians of billions of dollar. “1MDB borrowed USD3.5 billion with the guarantee provided by IPIC for the purpose of acquiring power companies in Malaysia.”

However, he continued, the entire sum and more have been clearly embezzled to an entity, Aabar Investment PJS Ltd, whose real beneficial ownership remains a mystery till today.

Arul Kanda’s refusal to provide a straight answer to earlier questions only goes to prove that he was fully aware that 1MDB had signed agreements and paid billions of dollars to a fake Aabar BVI which was completely unrelated to IPIC, charged Pua. “It also means that Arul Kanda and 1MDB have deceived the Auditor-General and the PAC by their failure to disclose and explain the truth during hearings.”

Malaysians are actually more “curious” why 1MDB paid billions of dollars to the fake Aabar, ventured Pua. “We are also curious why it has taken so long for 1MDB to finally ‘admit’ to the misappropriation since the matter was exposed by the Wall Street Journal (WSJ) in November last year.”

Despite repeated questions by the global media and critics like him, Arul Kanda had stubbornly refused to address the question of who really owns Aabar BVI, recalled Pua. “Instead, he chose to repeatedly recycle the allegations that we are part of a global malicious conspiracy aiming to discredit 1MDB and the Malaysian Government.”

Again, Pua was reiterating on Abu Dhabi’s state-owned International Petroleum Investment Company (IPIC) confirming on Monday that neither itself nor its unit Aabar Investments PJS have any links to a British Virgin Islands-incorporated firm named “Aabar Investment PJS Limited” (Aabar BVI). “Both IPIC and Aabar confirm that Aabar BVI was not an entity within either corporate group… Further, both IPIC and Aabar confirm that neither has received any payments from Aabar BVI nor has IPIC or Aabar assumed any liabilities on behalf of Aabar BVI,” Pua quoted IPIC as saying in a statement on the London Stock Exchange.

This is a shocking announcement because it has finally confirmed what critics of 1MDB has suspected all along, that 1MDB has been making billions of dollar of payments to a fictitious Aabar BVI, pretending that it was payments to the real Aabar of Abu Dhabi, lamented Pua. “It’s clear now that 1MDB was never able to provide the proof of ownership of Aabar BVI, because Aabar BVI was clearly a fake entity created to siphon the USD3.51 billion or more from 1MDB.”

Pua demands cops act on ‘fake’ Aabar BVI disclosure
Joe Fernandez
April 12, 2016 – FMT


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